Pershing Square Investor Presentation Deck

Chipotle Mexican Grill ("CMG") CHIP • MEXICA GRILL Management's successful business transformation enabled Chipotle to return to growth only three months after the pandemic's onset Digital has powered Chipotle's sales growth back to pre-COVID levels Same-store sales grew 6% last quarter, or 20% on a two-year stacked basis Digital has driven ~50% of sales mix since July, up from 20% pre-COVID ▪ Differentiated results given no previous dependence on drive-thru or delivery Momentum has accelerated even further in 2021 ■ January same-store sales growth of 11%, or 24% on a two-year stacked basis We believe Chipotle will emerge even stronger in a post-COVID world Further recovery of in-store sales as the economy reopens Robust innovation pipeline including the digitally enabled quesadilla Majorstep-up in unit growth in 2021, with Chipotlanes in most new units ✓ Loyalty program with nearly 20 million members ✓ Margin recovery as COVID-related impacts fade and sales grow Source: Company filings 40

View entire presentation